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Cyclical Fiscal Policy, Output Volatility, and Economic Growth
Badinger, Harald - 2021
This paper provides a comprehensive empirical assessment of the relation between the cyclicality of fiscal policy, output volatility, and economic growth, using a large cross-section of 88 countries over the period 1960 to 2004. Identification of the effects of (endogenous) cyclical fiscal...
Persistent link: https://www.econbiz.de/10013316549
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Supply, Demand and Monetary Policy Shocks in a Multi-Country New Keynesian Model
Dees, Stephane - 2013
This paper estimates and solves a multi-country version of the standard DSGE New Keynesian (NK) model. The country-specific models include a Phillips curve determining inflation, an IS curve determining output, a Taylor Rule determining interest rates, and a real effective exchange rate...
Persistent link: https://www.econbiz.de/10013094653
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Uncertainty-Dependent Effects of Monetary Policy Shocks : A New Keynesian Interpretation
Castelnuovo, Efrem - 2018
We estimate a nonlinear VAR model to study the real effects of monetary policy shocks in regimes characterized by high vs. low macroeconomic uncertainty. We find unexpected monetary policy moves to exert a substantially milder impact in presence of high uncertainty. We then exploit the set of...
Persistent link: https://www.econbiz.de/10012926998
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Government Spending Shocks and the Multiplier : New Evidence from the U.S. Based on Natural Disasters
Yang, Weonho - 2012
, the expenditure associated with military build-ups affects primarily the defense sector so that the resulting multiplier … powerful instrument for identifying government spending shocks. Furthermore, we show that the multiplier pertaining to non …-defense government spending is higher than the defense-spending multiplier estimated in the literature using military build-ups …
Persistent link: https://www.econbiz.de/10013097432
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Natural Disasters, Government Spending, and the Fiscal Multiplier
Fidrmuc, Jan - 2016
We estimate the fiscal multiplier associated with shocks to government spending. We consider increases in government … is reflected in the value taken by the fiscal multiplier. This result is obtained when we identify fiscal shocks by the …
Persistent link: https://www.econbiz.de/10013000433
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Fiscal Policy, Monopolistic Competition, and Finite Lives
Heijdra, Ben J. - 2006
multiplier; (ii) positive long-run output multipliers are obtained only if the generational turnover effect is dominated by the …
Persistent link: https://www.econbiz.de/10012783358
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Fiscal Multipliers in a Two-Sector Search and Matching Model
Angelopoulos, Konstantinos - 2015
This paper evaluates the effects of policy interventions on sectoral labour markets and the aggregate economy in a business cycle model with search and matching frictions. We extend the canonical model by including capital-skill complementarity in production, labour markets with skilled and...
Persistent link: https://www.econbiz.de/10013028533
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Strategic Interactions between Fiscal and Monetary Authorities in a Multi-Country New-Keynesian Model of a Monetary Union
Michalak, Tomasz - 2013
In this paper we consider a number of key issues related to the policy coordination in a monetary union that has been recently discussed in the literature. To this end we propose a multi-country New-Keynesian model of a monetary union cast in the framework of linear quadratic differential games....
Persistent link: https://www.econbiz.de/10012753234
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Macroeconomic Fluctuations in a Stylized DSGE Model with Disequilibrium Dynamics
Van Aarle, Bas - 2012
This study develops a stylised DSGE model, that departs in one aspect: it replaces the general equilibrium approach by disequilibrium economics. In this way, richer macroeconomic adjustment dynamics result, as it is not necessary to assume that goods and labour markets continuously clear. The...
Persistent link: https://www.econbiz.de/10013096548
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Price Rigidities and the Granular Origins of Aggregate Fluctuations
Pasten, Ernesto - 2017
We study the aggregate implications of sectoral shocks in a multi-sector New Keynesian model featuring sectoral heterogeneity in price stickiness, sector size, and input-output linkages. We calibrate a 341 sector version of the model to the United States. Both theoretically and empirically,...
Persistent link: https://www.econbiz.de/10012947907